Private financial institution in a fraud complaint
International Financial Services (IFS) has been operating for five years with its headquarters in Vellore. The company is jointly led by lakshmi Narayanan, Vedanarayanan and Janardhanan. Investors are shocked as the head office and branches of this company have been closed for 15 days.
This company has collected hundreds of crores of rupees from thousands of people across Tamil Nadu, claiming that they will donate 8,000 rupees per month if they invest 1 lakh rupees. The institution has agreed to take out a loan at two percent interest for one lakh of rupees from those who collect them. Claiming annual returns of 24% on stock market investments, they raised money through agents with more than 50 branches in Chennai, Mumbai, Delhi and the northern districts of tamil Nadu, stock market agents and insurance company agents.
They collected millions of rupees claiming that they will invest the collected money in stock trading and see high profits and give a share of the profits to the investors. The company raised money from investors by creating various WhatsApp groups. It is said that close friends will get 8% interest on the investment amount and others will get 6% interest and will be brainwashed through agents to collect crores. The company is said to have received millions of investments from people from various walks of life, mainly doctors, government employees, government contractors and eminent personalities.
In this situation, complaints were filed that the international financial services company was involved in fraud. As the offices were closed, the financial institution did not collect money directly, but transferred money through agents to their bank accounts, so the victims could not file a complaint against them. the financial institution directly to the police station.
In this context, karthik of chennai KK nagar filed an IFS in the high court of chennai. He filed a motion to order police action against the financial institution. karthik alone invested Rs 56 lakh in IFS Finance. According to Karthik, his family, relatives and friends have invested up to Rs 18 crore in the financial institution. But the financial institution did not give the interest money as claimed and did not return the invested money. He had stated in his petition that although he had reported the matter to the police stations, no action had been taken.
Officials from the Economic Crimes Division conducted searches at 21 locations linked to the company as of this morning. Officials also raided the office of the international financial services firm operating in the Tamarai Tech Park building in Guindy, Chennai. The head office in Vellore Katpadi and owner Lakshmi Narayanan’s house in VG Rao Nagar, Arakkonam, Nemili and Kanchipuram were also raided. IFS company partners Janarthanan and Lakshmi Narayanan, their brother mohan babu in Arakkonam and agent sukumar in Vellore Senganantham fled.
At the end of this raid, how much money was collected across Tamil Nadu and details related to the confiscated documents and money will be officially reported, Economic Crimes Division officials said. Similarly, it should be noted that Arudra Company was involved in fraud of Rs 1,400 crore by promising to pay interest of Rs 30,000 per month on an investment of Rs 1 lakh.